Even major companies such as Snickers were getting involved. Its account tweeted: “Guess what day it is? #DogeDay. Tomorrow? #DogeDay420.”
The Dogecoin rally has bemused market analysts, with many saying the cryptocurrency is a purely speculative asset with next to no use value.
“It’s moved by headlines, tweets, celebrity, or corporate endorsements and while that’s likely belittled by traditional investors, it’s what brings the masses to cryptocurrencies,” Michael Kamerman, CEO of trading platform Skilling, said.
Nigel Green, chief executive of the deVere Group financial consultancy, said: “We can expect many novice retail investors… to get burned in the Dogecoin frenzy – in the same way they did with the GameStop one.”